Business Financial News

19.12 / 08:55

business Adoption SEC Bitcoin Nigeria set to pass bill recognizing Bitcoin and cryptocurrencies

The Nigerian government will reportedly soon pass a law that will recognize the usage of Bitcoin (BTC) and other cryptocurrencies as a means to keep up to date with “global practices.”

19.12 / 03:29

business Interest rates Reserve The Federal Reserve's pursuit of a 'reverse wealth effect' is undermining crypto

The Federal Reserve’s strategy to hike interest rates may continue, making it difficult for the crypto industry to bounce back. For crypto assets to become the hedge against inflation, the industry needs to explore ways to decouple crypto from traditional markets. Decentralized finance (DeFi) can perhaps offer a way out by breaking away from legacy financial models.

18.12 / 14:03

business Blockchain Cloud Services OKX cites intermittent outage amid Alibaba Cloud equipment anomaly

Crypto exchange OKX witnessed service disruptions after primary infrastructure provider Alibaba Cloud announced a hardware failure in Alibaba Cloud’s Hong Kong data center.

18.12 / 11:45

business Adoption Binance Kazakhstan central bank recommends a phased CBDC rollout between 2023-25

Kazakhstan, the world’s third-largest Bitcoin (BTC) mining hub after the United States and China, found feasibility in launching its in-house central bank digital currency (CBDC), a digital tenge. The National Bank of Kazakhstan (NBK) revealed the finding following the completion of the second phase of testing.

18.12 / 09:15

business Investments Donations investigation Elections SBF prosecutors reportedly dig into donations made to top US Democrats

The prosecutors investigating former FTX CEO Sam Bankman-Fried (SBF) have reportedly reached out to top members of the Democratic Party demanding information about the political donations made by the entrepreneur.

17.12 / 13:45

business Blockchain Investments Funding Bitvavo to prefund locked DCG assets worth $296.7M amid liquidity crisis

The Digital Currency Group and its affiliates (DCG), which manages $296.7 million (280 million euros) in deposits and digital assets of crypto exchange Bitvavo for off-chain staking services, suspended repayments citing liquidity problems amid the bear market. However, Bitvavo announced to prefund the locked assets, preventing DCG-induced service disruption for users.

17.12 / 11:43

business Report Survey Metaverse experience to sway real-world travel choices in 2023: Survey

As borders open up following prolonged COVID-induced travel restrictions, the Metaverse, one of the latest sub-crypto ecosystems, is set to help travelers decide on the destinations they want to experience in person, reveals a new survey conducted by Booking.com personally.

17.12 / 08:17

business regulation Democrats to reportedly return over $1M of SBF's funding to FTX victims

Following the arrest of former FTX CEO Sam Bankman-Fried (SBF), three prominent Democratic groups have reportedly decided to return over $1 million to investors that lost their funds due to misappropriation.

17.12 / 06:09

business Ethereum cryptocurrency Bitcoin price today Top Cryptocurrency Prices Today December 17: Major cryptos in red; Ether down 6%, Cardano top laggard

Major cryptocurrencies traded in the red early on December 17 as the global crypto market cap decreased 6.11 percent to $797.45 billion, over the last day. The total crypto market volume over the last 24 hours is $47.36 billion, which makes a 38.50 percent increase.

17.12 / 02:35

business Government Law IRS The outcome of SBF's prosecution could determine how the IRS treats your FTX losses

FTX founder Sam Bankman-Fried has received official criminal charges after the collapse of his cryptocurrency exchange, which is more than just a moral victory for the exchange’s roughly 1 million individual investors. While not locked in yet, things appear to be on track for these investors to take a more favorable tax position as SBF’s fate continues to unravel.

17.12 / 01:35

business Twitter Bitcoin Hal Finney's wife resumes activity on Bitcoin pioneer's Twitter account to avoid potential purge

Fran Finney, the wife of computer scientist Hal Finney — the recipient of the first transaction on the Bitcoin blockchain from Satoshi Nakamoto — reactivated her late husband’s Twitter account amid concerns Twitter CEO Elon Musk might purge the content from the social media platform due to inactivity.

17.12 / 01:35

business interview proof-of-work NOT Kadena CEO Stuart Popejoy on blockchain design: proof of work is a feature, not a flaw

When taking its blockchain public, “there was an adjustment period where we had to learn to love crypto,” Kadena founder and CEO Stuart Popejoy said. The admission sounded more like a technical adjustment than a surge of emotion on his lips, but he added, “The people who participate in your ecosystem really are your network and that is obviously not a very enterprise-y thing, that’s very grassroots.”

16.12 / 19:07

business Blockchain defi hacks Raydium is attacked, loses $2 million

Solana DeFi protocol Raydium has suffered an exploit, according to a statement from the developer. An initial investigation by the team has revealed that the attacker has taken over the exchange’s owner account. The team says that “authority” over the automated market maker and farm programs have been paused, “for now.”

16.12 / 17:41

business Binance exchanges Bitcoin Drop Reserve No more proof-of-reserve checks? Auditors quietly drop crypto projects from portfolios

As the FTX collapse highlighted the need for more transparency from centralized crypto exchanges, working with auditors has been the move by top crypto trading platforms to assure users that their assets are fine. However, two of the most prominent auditors have suddenly dropped their crypto auditing services, leaving exchanges hanging at a very crucial time.

16.12 / 14:09

business Adoption Report 5 key takeaways from Huobi 2022 crypto industry report

Over the last year the crypto, and greater Web3 industry has seen a rollercoaster of loss, growth and innovation - and the data shows.

16.12 / 14:09

business Asia Bitcoin Amber Group raises $300M to recover from FTX contagion

Amber has completed a new $300 million Series C funding round, led by blockchain-focused venture capital company Fenbushi Capital US, the firm announced on Twitter on Dec. 15.

16.12 / 11:51

business Law regulation FTX Silvergate faces class-action lawsuit over FTX and Alameda dealings

A class-action lawsuit against Silvergate Bank, Silvergate Capital Corporation and Silvergate CEO Alan Lane was filed at the California Southern District Court concerning accounts held by embattled crypto companies FTX and Alameda Research.

16.12 / 07:55

business Binance Binance Coin reports reserves CryptoQuant verifies Binance's reserves, reports no ‘FTX-like’ behavior

Blockchain analytics provider CryptoQuant has released a report analyzing the recently released proof of reserves audit of the world’s largest crypto exchange, Binance.

16.12 / 07:05

business NFT Trump Community baffled by Trump's bizarre ‘SimpDAO’ NFT collection

Former president and crypto hater Donald Trump’s bizarre NFT collectible project has left the community baffled.

16.12 / 04:13

business Bankruptcy Bitcoin surges Bitcoin Miner Stock price for troubled Bitcoin miner Core Scientific surges 200%

Bitcoin (BTC) miner Core Scientific’s stock has soared nearly 200% in the past four days, following the positive reception for a Dec. 14 financing proposal from a current creditor who is hoping the firm can avoid bankruptcy.

16.12 / 01:29

business Investments The VC-dominated crypto funding model needs a reboot

Does the crypto industry’s funding space need an overhaul? This is one of many questions swirling in the wake of FTX’s downfall: When the prominent exchange collapsed, it left behind a long line of helpless creditors and lenders — including many promising projects dependent on funds promised by Sam Bankman-Fried and company.

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